Appian seeks compensation from Sibanye-Stillwater for dropping Brazil mine deal
Investment firm Appian Capital Advisory has served South African miner Sibanye-Stillwater with a notice of claim seeking compensation for the latter's termination of a planned billion-dollar acquisition of two nickel mines in Brazil.
Sibanye Gold's Masimthembe shaft in Westonaria, South Africa. Reuters/Mike Hutchings
Appian, a London-based investment company which advises two affiliated private equity funds which in turn own the Brazilian mines, said the transaction was worth more than $1.2bn and called Sibanye's failure to close on it "unlawful".
Sibanye-Stillwater declined to comment.